Over the weekend, The Chicago Tribune reported that Lou Simpson, the man who manages GEICO’s investment portfolio for Berkshire Hathaway (BRK.B)
, is retiring. Simpson, 73, is the only person at Berkshire Hathaway other than Warren Buffett
who picks stocks. Buffett makes all investment decisions for Berkshire’s other insurance companies. Buffet does not, however, buy or sell stocks in GEICO’s portfolio. Only Simpson does that. In December, that will change. Simpson will retire. And Buffett will take over GEICO’s portfolio.
In honor of Lou Simpson’s retirement, I thought a series of articles on the man and his investments would be appropriate. Let’s start with the most obvious question. Continue Reading »